GoldMining Completes Acquisition of Almaden Gold Project in Idaho
GoldMining Completes Acquisition of Almaden Gold
Project in Idaho
Highlights:
Total consideration paid was
$1,150,000
, comprised of
$575,000
in cash and issuing 337,619 common shares at a
deemed price of
$1.70
per share (subject to a 4-month hold and additional re-sale restrictions);
GoldMining has engaged a qualified person to complete a technical report and current resource estimate for the Project
based on significant historic exploration, which includes
70,234 m
of drilling; and
GoldMining's project portfolio expands to 16 properties in 5 countries.
VANCOUVER
,
March 3, 2020
/CNW/ - GoldMining Inc. (the "
Company
" or "
GoldMining
") (TSX: GOLD; OTCQX: GLDLF) is
pleased to announce the completion of its previously announced indirect acquisition of the Almaden Gold Project (the
"
Almaden Project
"), located in west-central
Idaho
, from Sailfish Royalty Corp. and its wholly-owned subsidiary.
The total purchase price under the transaction was
$1,150,000
, which was satisfied by the Company paying
$575,0000
in
cash and issuing 337,619 GoldMining shares at a deemed price of
$1.70
per share.
The shares issued under the transaction are subject to a four month and one day hold period and certain additional ongoing
resale restrictions pursuant to the terms of the agreement.
The Company has engaged an independent qualified person to complete a technical report and current resource estimate for
the Almaden Project. The qualified person will review and verify historic sampling and results, examine the cut-off grade with
reference to today's metal prices, and update the historical resource estimate on the Almaden Project completed by Western
Standard Metals Ltd. in 2009.
The Project
The Almaden Project covers approximately 1,724 Ha and is located approximately 140 km by road north of
Boise
and
approximately 24 km east of
Weiser
in
Washington County
, Idaho.
The Almaden Project is one of several low-sulphidation epithermal gold deposits related to the Northern Nevada Rift that
includes Hecla Mining Company's
Hollister
and Midas Mines in northern
Nevada
, and Integra Resources Corp.'s Delamar and
Florida Canyon projects in southwest Idaho.
Gold mineralization at the Almaden Project is hosted in sinter and silicified (opal) sedimentary rocks of the Miocene Payette
Formation that are underlain by chalcedonic veins and stockworks that form a near surface, relatively flat lying deposit. Gold
mineralization is associated with intense silicification and argillic alteration that measures approximately
1,900 m
long by
500
m
wide by
150 m
thick.
For further information regarding the transaction and the Almaden Project, please refer to the Company's news release dated
February 24, 2020
.
Qualified Person
Paulo Pereira
, President of GoldMining, has reviewed and approved the technical information contained in this news release.
Mr. Pereira holds a Bachelors degree in Geology from Universidade do Amazonas in
Brazil
, is a Qualified Person as defined in
National Instrument 43-101 and is a member of the Association of Professional Geoscientists of
Ontario
.
About GoldMining Inc.
GoldMining is a public mineral exploration company focused on the acquisition and development of gold assets in the
Americas. Through its disciplined acquisition strategy, GoldMining now controls a diversified portfolio of resource-stage gold
and gold-copper projects in
Canada
,
U.S.A.
,
Brazil
,
Colombia
and Peru. Additionally, GoldMining owns a 75% interest in the
Rea Uranium Project, located in the
Western Athabasca
Basin of
Alberta, Canada
.
Forward-looking Statements
This document contains certain forward-looking statements that reflect the current views and/or expectations of GoldMining
with respect to its business and future events, including expectations and future plans respecting the Project. Forward-
looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the
business and the markets in which GoldMining operates, including that historical exploration results will be confirmed.
Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the inherent risks
involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and
other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of
mineral deposits, the possibility that future exploration, development or mining results will not be consistent with
GoldMiningꞌs expectations, accidents, equipment breakdowns, title and permitting matters, labour disputes or other
unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration
programs on its projects, and that GoldMining may not be able to confirm historical exploration results or complete an
updated resource estimate for the Project. These risks, as well as others, including those set forth in GoldMiningꞌs filings
with Canadian securities regulators, could cause actual results and events to vary significantly. Accordingly, readers should
not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking
information, or the material factors or assumptions used to develop such forward looking information, will prove to be
accurate. GoldMining does not undertake any obligations to release publicly any revisions for updating any voluntary
forward-looking statements, except as required by applicable securities law.
View original content:
http://www.prnewswire.com/news-releases/goldmining-completes-acquisition-of-almaden-gold-project-in-idaho-301015425.html
SOURCE
GoldMining Inc.
View original content:
http://www.newswire.ca/en/releases/archive/March2020/03/c6105.html
%SEDAR: 00031036E
For further information:
GoldMining Inc., Amir Adnani, Chairman, Garnet Dawson, CEO, Telephone: (855) 630-1001, Email:
CO: GoldMining Inc.
CNW 08:40e 03-MAR-20